There?s been little jumbo corporate bond issuance for bankers or investors to get their teeth into this year, so GlaxoSmithKline?s $2.5 billion debut dollar offering gave everyone something to celebrate. It was 2004?s second largest corporate dollar bond, after Pacific Gas and Electric?s $6.7 billion offering earlier in March, and the largest dollar deal from a non-US corporate since Telecom Italia last October.
The deal, which comprised a $500 million three-year tranche, a $1.5 billion 10-year and a $500 million 30-year tranche, priced at 40bp, 58bp and 68bp respectively over treasuries.
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